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Davidson Funds Announces Estimated Capital Gains Distributions

With the end of the year approaching, Davidson Funds is pleased to provide its shareholders a preliminary estimate regarding capital gains distributions in its Davidson Multi-Cap Equity Fund for the year 2014. The chart below lists the estimates for both long and short-term capital gain distributions per share as of 10/31.

2014 Capital Gain Estimates as of October 31, 2014

Fund

Preliminary Short-TermCapital Gain Per Share

Preliminary Long-TermCapital Gain Per Share

Preliminary TotalCapital Gain Per Share

Davidson Multi-Cap Equity Fund

$0.09

$0.71

$0.80

To determine your estimated total distribution amount, multiply the Total Distribution per Share times the number of shares you own.

This year, the record date for the Fund's distribution will be Monday, December 15. The distribution will be paid to clients on Tuesday, December 16.

While capital gains are a taxable event, they are a normal part of investing in a mutual fund and are the result of profitable stock selections made in the fund.

Please note that this estimate is subject to change based on activity in the Fund before the ex-date.

If you have additional questions about your shares of the Davidson Multi-Cap Equity Fund, please contact Davidson Investment Advisors at 800-332-0529 or DIAMarketing@dadco.com.

Nothing contained on this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation.

Important Disclosures:

The Davidson Multi-Cap Equity Fund is unconstrained by market capitalization and style classification, creating a portfolio diversified by economic sector and focused on where the greatest market opportunities are viewed. The Fund is fundamentally focused, seeking to invest in profitable companies with attractive return on capital, cash flow and growth prospects. Of key importance are strong management teams with sound, achievable strategies. For more information on the Multi-Cap Equity Fund and other Davidson Funds offerings, please visit www.davidsonmutualfunds.com.

About Davidson Investment Advisors:
A registered investment adviser, Davidson Investment Advisors has provided asset management services for corporations, employee benefit plans, foundations, individuals and trusts since its inception in 1975, applying a consistent, repeatable and time-tested approach to portfolio management with a particular focus on the application of independent thought within the context of a team orientation. For more information, please visit www.davidsoninvestmentadvisors.com.

Davidson Investment Advisors is a subsidiary of D.A. Davidson Companies, an employee-owned financial services holding company with over 1,350 employees. D.A. Davidson Companies is based in Montana and operates from offices in 24 states, with its main footprint across the West and Midwest. Also part of the D.A. Davidson Companies family are D.A. Davidson & Co., a full-service brokerage firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio management services.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Click here for the Davidson Multi-Cap Equity Fund’s top 10 holdings.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Headquarters: Great Falls, MT

Toll-free: 1-877-332-0529

Founded: 1975

Assets Under Management: $1.9 billion

The Davidson Multi-Cap Equity Fund is offered to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Click here for the prospectus. A hard copy may be obtained by calling 877-332-0529. Please read it carefully before investing.

Investments in ETFs are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of an ETF's shares may trade at a discount to its net asset value ("NAV"), an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact a fund's ability to sell its shares. The funds will bear their share of the fees and expenses of the ETFS and underlying funds. Shareholders will pay higher expenses than would be the case if making direct investments in the underlying ETFs and funds.

The Funds may also use options which may be subject to greater fluctuations in value than an investment in the underlying securities. Options entail greater investment risks.

Click here for fund performance. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-332-0529

Diversification does not assure a profit or protect against a loss in a declining market.